HomeMy WebLinkAboutOrdinances - No. 1365ORDINANCE NO. 1365
AN ORDINANCE OF THE CITY OF LODI AUTHORIZING
THE TRANSMISSION AGENCY OF NOW CAzlIFoRNIA
TO ISSUE REXENJE BONDS, NOTES AND OTHER EVIDENCES
OF INDEBTEDNESS
The City Council of the City of Lodi does ordain as follows:
Section 1. The Trandssion Agency of Northern California (the
"Agency") organized under that certain Joint Powers Agreement dated
December 10, 1984, to which this city is a party, is hereby
authorized to issue revenue bonds, notes or any other evidences of
indebtedness and to renew all of the satre (hereinafter referred to as
"Indebtedness") payable from the revenues of the Agency unless paid
frcan the proceeds of indebtedness, pursuant to the provisions of
Article 2 (cmnencing with Section 65401, Chapter 5, Division 7,
Title 1 of the Governmnt code of the State of California (the
"Act") , in a maxhum munt of menty million dollars
$20,000,000),f0r the project described in Section 2 hereof,
provided that, notwithstanding the statement of such maximum munt,
the Agency is also authorized by this Ordinance to issue the
Indebtedness in munts which may exceed such estimate without
further authorization under this Ordinance if and to the extend such
additional indebtedness shall be required to complete the financing
of the project described in Section 2 hereof.
Section 2.
authorized as ccsnprised of (a) feasibility and planning studies for
possible future action by the Agency concerning the proposed
The project to be funded by the Indebtedness hereby
California-orqon Transmission Project; and (b) repayment of the
$3,500,000 Promissory Note issued by the Agency on June 21, 1985 for
the purpose of financing such feasibility and planning studies.
Section 3.
Indebtedness herein authorized to be issued by the Agency are
revenues derived from paaylnents from members of the Agency and
proceeds of Indebtedness issued in connection with the financing of
the project.
The anticipated sources of revenue for the pamt of the
Section 4.
any part thereof nor interest thereon shall constitute a debt,
liability or obligation of this city.
Neither the paynent of principal of the Indebtdness nor
Section 5.
prescribed by Section 3751.7 of the Elections code of the State of
California.
effect and be in force sixty (60) days frcan the date of its adoption.
This Ordinance is subject to the provisions of referenda
Subject to the foregoing, this ordinance shall take
Section 6.
to be published after its adoption, as provided by law, in a
newspapr of general circulation within the City and shall also do
The City Clerk is hereby directed to cause tkis Ordinance
other things required to cause notice of the adoption of this
Ordinance to be published in the manner required by Section 6040.1 of
the Governmnt Code of the State of California.
I hereby certify that the foregoing Ordinance was introduces and read
at a regular meeting of the City Council of the City of Lodi on the
18th day of September, 1985 and was duly read and adopted on the
2nd day of October 1985, at a regular meeting of the Lodi City
Council by the following vote:
Ayes : Council Members - Olson, Pinkerton, Reid, and
Snider
Noes : Council Members - None
Absent:
DavidM. Hinchmn
Mayor
Attest :
City Clerk
State of California
County of San Joaquin, 8s.
Approved as to form as< Ronald M. Stein
City Attorney
Octoixr 2, 1985